Oil Giants Shell and Exxon Dump Groningen Like a Bad Date

Posted by John Donovan: 16 November 2024

In yet another move that screams “corporate villainy,” Shell and its BFF ExxonMobil, under their joint venture NAM, have officially noped out of their responsibility to help Groningen recover from decades of destruction. You know, the region they gleefully exploited for gas, leaving behind a legacy of earthquakes, shattered homes, and residents who probably Google “how to stop tectonic betrayal” every other week.

The Dutch “Debt of Honour” They’d Rather Forget

Back in 2018, NAM grudgingly agreed to cough up €500 million to improve Groningen’s economy and quality of life—a meager penance for the billions they raked in from the Groningen gas fields since 1959. That’s €417 billion in state revenue, of which NAM pocketed 60%, leaving Groningen residents with… well, let’s just call it the short end of the drill bit. But hey, why stick around when the gas fields are being shut down early? NAM has now informed the Dutch government that they’re done playing Good Samaritan. Who needs reparations when you can just ghost an entire province?

The Earthquake Chronicles: A Love Story Gone Wrong

Over 1,000 earthquakes have rocked Groningen and Drenthe, thanks to Shell and ExxonMobil’s little drilling escapade. Imagine your house shaking like a cheap snow globe because someone really wanted to keep their shareholders happy. While the Dutch state has pledged €7.5 billion over the next 30 years to clean up this mess (calling it a “debt of honour”), NAM prefers to focus on disputes over quake-damage repair bills. Refusing to pay? Check. Claiming “loss of gas earnings” compensation until 2030? Double check. Arbitration? Of course.

“Loss of Earnings” or Loss of Shame?

Shell and ExxonMobil, in a dazzling display of hubris, now want compensation for the gas profits they’ll miss out on because, boo-hoo, the drilling stopped early. Sure, because nothing says corporate responsibility like demanding a payout for not being allowed to wreck the Earth as much as you’d planned. “Open for discussion,” says NAM’s Van Haaster, but only if it includes “things we don’t agree on.” Translation? More foot-dragging while Groningen residents continue living on shaky ground—literally.

BlackRock, Vanguard, and the Sin Stock to Rule Them All

And let’s not forget who’s bankrolling this circus. Shell’s biggest investors, including ethical titans BlackRock and Vanguard, are surely toasting to this PR disaster over their eco-friendly cocktail straws. After all, nothing says “sustainable investing” like holding massive stakes in a company that treats entire regions like disposable assets.

Final Thoughts: Are We Surprised?

So, here we are again. Shell and ExxonMobil, those pillars of environmental stewardship, have added another chapter to their “How to Win Friends and Influence Nobody” playbook. Groningen’s residents will have to rebuild their lives without meaningful corporate accountability, while Shell’s investors keep cashing in on the drama.

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